Source: Fortune
Summary
In 2014, Annabel and Emily Lui, founders of Cutter & Squidge, faced financial ruin after key retail partners pulled support. They used their remaining £15,000 to launch a Soho pop-up, which grew into a £8 million revenue business. The sisters, who had previously worked in finance and law, now run a company with 50 employees and aim for £10 million in revenue by 2027. Their business, rooted in family values, has shifted to online gifting and expanded seasonal offerings.
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The numbers tell one story.
Cutter & Squidge went from £15,000 to £8 million in revenue.
They pivoted to online gifting during the pandemic.
80% of revenue now comes from direct-to-consumer sales.
They’re growing without outside investment, despite rising costs.
Author: Evan Null
The restaurant kids
Long before Cutter & Squidge, Annabel and Emily Lui worked in their parents’ English-French restaurant in London. By age 11, Annabel was in the kitchen and Emily in the front of house. Their parents worked year-round, including holidays, teaching the sisters the value of hard work. Annabel wanted to be a pastry chef, but her father discouraged her, pushing her to get a university degree instead. She attended the London School of Economics and joined KPMG, while Emily became a real-estate lawyer.
Annabel’s dissatisfaction with corporate life led her to take a sabbatical to start Cutter & Squidge. The sisters’ family tradition of baking and gathering around desserts played a key role in their business. Their Soho pop-up eventually expanded into a flagship store, and by 2020, the company had three locations.
When the pandemic hit, Cutter & Squidge had to pivot. They created an at-home afternoon-tea kit that became a major revenue driver. Online sales surged, and the company transitioned to a direct-to-consumer model. The sisters now rely heavily on gifting products, with 80% of revenue coming from this channel.
The business has grown significantly, with 2 million brownies sold last year. They expanded their gifting offerings to include holidays like Chinese New Year, Diwali, and Ramadan. Hamper sales jumped 175% between June 2025 and June 2026.
The sisters are focused on maintaining their family identity while scaling the business. They have no plans for outside investment, despite rising costs and inflation. Their father, once skeptical, now shows pride in their success.
The COVID pivot
Cutter & Squidge was a traditional bakery when the pandemic hit. With all three stores closed, the sisters had to find new ways to reach customers. They created an at-home afternoon-tea kit that became their “hero product.” Online sales grew over 1,600% in 12 months, and the company shifted to a direct-to-consumer model. Today, 80% of revenue comes from online sales.
The sisters spent two years refining packaging, logistics, and delivery. The brownie box became their highest-volume product, with 2 million sold last year. They expanded their gifting offerings to include holidays like Chinese New Year, Diwali, and Ramadan. Hamper sales jumped 175% between June 2025 and June 2026.
Despite the success, the sisters face rising costs. Cocoa and chocolate prices have increased 175%, and electricity and labor costs have also risen. They avoid cheaper substitutes, maintaining product quality. Their father, once skeptical, now shows pride in their success.
The business has grown significantly, with £8 million in revenue in 2025. The sisters aim for £10 million by 2027 without outside investment. They continue to rely on family values and a lean, bootstrapped approach.
Annabel and Emily Lui have built a successful business rooted in their family’s work ethic. Their journey from financial ruin to a £8 million company shows the power of resilience and innovation.
Scaling the business
As Cutter & Squidge expanded online, technology became a key part of their operations. The sisters use AI for analytics, even though the products themselves are handmade. They remain a lean, family-owned business, avoiding outside investment. Despite rising costs, they maintain product quality and avoid cheaper substitutes.
Rising costs have impacted the business. Cocoa and chocolate prices have increased 175%, and electricity and labor costs have also risen. The sisters are careful about how they manage these expenses, ensuring that quality remains high. They rely on their family’s values and work ethic to navigate these challenges.
Cutter & Squidge expects 12% revenue growth this year after £8 million in 2025. The sisters aim to reach £10 million by 2027, maintaining their bootstrapped approach. Their father, once skeptical, now shows pride in their success.
The business has grown significantly, with 2 million brownies sold last year. They expanded their gifting offerings to include holidays like Chinese New Year, Diwali, and Ramadan. Hamper sales jumped 175% between June 2025 and June 2026.
Annabel and Emily Lui have built a successful business rooted in their family’s work ethic. Their journey from financial ruin to a £8 million company shows the power of resilience and innovation.
Family values and business success
The Lui sisters’ success is deeply rooted in their family’s values. Their parents ran a restaurant for over 20 years, teaching them the importance of hard work and dedication. Annabel and Emily grew up working in the kitchen and front of house, learning the value of long hours and customer service.
Despite their parents’ initial skepticism, the sisters pursued their own paths. Annabel left her corporate job to start Cutter & Squidge, while Emily continued her legal career. Their family’s influence shaped their approach to business, emphasizing quality, service, and perseverance.
When the pandemic hit, the sisters had to adapt quickly. They created an at-home afternoon-tea kit that became a major revenue driver. Online sales surged, and the company shifted to a direct-to-consumer model. Today, 80% of revenue comes from online sales.
The sisters remain committed to their family values, even as the business grows. They avoid outside investment and focus on maintaining product quality. Their father, once skeptical, now shows pride in their success.
Annabel and Emily Lui have built a successful business rooted in their family’s work ethic. Their journey from financial ruin to a £8 million company shows the power of resilience and innovation.
Challenges and growth
Cutter & Squidge has faced significant challenges, including rising costs and inflation. Cocoa and chocolate prices have increased 175%, and electricity and labor costs have also risen. The sisters are careful about how they manage these expenses, ensuring that quality remains high.
Despite these challenges, the business has continued to grow. Revenue reached £8 million in 2025, and the sisters aim for £10 million by 2027. They remain committed to their bootstrapped approach, avoiding outside investment and focusing on sustainable growth.
The sisters have also expanded their product offerings, including seasonal gifting items. Hamper sales jumped 175% between June 2025 and June 2026, showing the success of their gifting strategy. They now rely heavily on direct-to-consumer sales, with 80% of revenue coming from this channel.
Annabel and Emily Lui have built a successful business rooted in their family’s work ethic. Their journey from financial ruin to a £8 million company shows the power of resilience and innovation.
Despite the challenges, the sisters remain focused on their goals. They continue to grow the business while maintaining their family values and commitment to quality.
